Reliance Industries' share price tumbles 5% a day after hitting all-time high; what you need to know

The fall in the stock price was witnessed following the company's denial of a report that claimed three vessels carrying Russian crude oil were heading to its Jamnagar refinery.

In a statement, Reliance said its Jamnagar refinery has not received any cargo of Russian oil over the past three weeks and is not expecting any deliveries of Russian crude in January.

RIL: What Jefferies says

Global investment bank Jefferies, in a note, said that Reliance Industries and ONGC could benefit from the US takeover of Venezuelan oil. US oil majors may invest to drive up production, and this could weigh on crude prices in 2027-28, unless OPEC+ decides to balance the market.

Lifting of US sanctions would allow Reliance to buy advantaged Venezuelan crude, and ONGC might receive $500 million of unpaid dividends, Jefferies noted.

Reliance has in the past purchased 20% of its daily crude requirement from PDVSA (the state-owned oil and gas company of Venezuela), and it could tie up supplies at a $5-8/bbl discount to Brent, which could aid its gross refining margins (GRMs) going ahead, Jefferies added.

Today’s decline in the stock price may be due to profit booking, as RIL shares have seen a good rally over the past few sessions.

RIL AI Manifesto

In late December 2025, RIL Chairman Mukesh Ambani unveiled a draft Reliance AI Manifesto, outlining an ambitious plan to transform the conglomerate into an AI-native deep-tech enterprise while driving a tenfold improvement in productivity for over 6 lakh employees and a 10x impact on India's economy and society.

Calling artificial intelligence "the most consequential technological development in human history", Ambani said the oil-to-yarn and retail-to-telecom conglomerate aims to lead India's AI revolution, just as it led the country's digital transformation.

The group's stated resolve is to deliver "affordable AI for every Indian", embedding AI across businesses while ensuring safety, trust and accountability.